Northern Genesis Acquisition II, a blank check company targeting sustainability and societal infrastructure, filed on Wednesday with the SEC to raise up to $300 million in an initial public offering.
The Kansas City, MO-based company plans to raise $300 million by offering 30 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Northern Genesis Acquisition II will command a market value of $375 million.
The company is led by CEO and Director Ian Robertson, the current CEO of InfraStar Investments and former CEO of Algonquin Power & Utilities; CFO Ken Manget, the former Global Head of Relationship Investing at the Ontario Teachers' Pension Plan; President Michael Hoffman, the founder of Stone Capital Partners and former Head of Renewable Energy Funds at Riverstone Holdings; and Chairman Chris Jarratt, the co-founder and former Executive Vice Chair of Algonquin Power & Utilities.
The group's previous SPAC, Northern Genesis Acquisition (NGA; +69% from $10 offer price), raised $300 million in August of this year and is pending a business combination with Lion Electric. Northern Genesis Acquisition II intends to focus on opportunities making a positive contribution to sustainability through the ownership, financing, and management of societal infrastructure.
Northern Genesis Acquisition II was founded in 2020 and plans to list on the NYSE under the symbol NGAB.U. The company filed confidentially on October 13, 2020. J.P. Morgan, Barclays and CIBC are the joint bookrunners on the deal.
